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• electors of the City the question of issuing the Bonds under <br /> Amendment 62 and the Authorizing Legislation at a special <br /> election to be called for that purpose; <br /> NOW, THEREFORE, BE IT ORDAINED by the City Council of <br /> the City of Batesville, Arkansas: <br /> Section 1 . Under the authority of the Authorizing <br /> Legislation, there is hereby levied the Sales and Use Tax. The <br /> Sales and Use Tax shall be levied, and the net collections <br /> received after deduction of the administrative charges of the <br /> State of Arkansas and required rebates shall be used solely for <br /> the purpose of retiring or paying obligations with respect to the <br /> Bonds . The Sales and Use Tax shall be levied and collected on <br /> the gross receipts, gross proceeds or sales price in the maximum <br /> amount allowed from time to time under Arkansas law, subject to <br /> rebates and limitations as required for certain single <br /> transactions as from time to time required by Arkansas statutes. <br /> The levy of the Sales and Use Tax shall not take effect until the <br /> issuance of the Bonds is approved by the voters as provided <br /> herein. <br /> Section 2 . There is hereby called a special election <br /> to be held on March 10, 2009, at which election there shall be <br /> • submitted to the electors of the City the question of issuing the <br /> Bonds under Amendment 62 and the Authorizing Legislation in one <br /> or more series in the aggregate principal amount of not to exceed <br /> $50, 000, 000 to be payable from the net collections of the Sales <br /> and Use Tax. <br /> Section 3 . The question of issuing the Bonds shall be <br /> placed on the ballot for the election in substantially the <br /> following form: <br /> SEWER IMPROVEMENT BONDS <br /> An issue of bonds of the City of Batesville in one or <br /> more series in the maximum aggregate principal amount <br /> of $50, 000, 000 to finance all or a portion of the costs <br /> of acquiring, constructing and equipping extensions, <br /> betterments and improvements to the City' s sewer <br /> system, and, in order to pay the bonds, the levy and <br /> pledge of a 1% local sales and use tax within the City. <br /> If the bonds are approved, there will be levied within <br /> the City a new 1% sales and use tax, the net <br /> collections of which remaining after deduction of the <br /> administrative charges of the State of Arkansas and <br /> • required rebates will be used solely to retire or pay <br /> 2 <br />